Thursday 18 April 2019

Crudeoil Trading Range For The Day Is 4400-4494.

Crudeoil trading range for the day is 4400-4494.

Crude oil gained propelled by steady economic growth in China and a fall in U.S. crude stocks which defied expectations and signalled firm demand.

Russia raised concern the OPEC-led supply-cutting pact may not be renewed. Russia and the producer group may decide to boost output to fight for market share.

OPEC and other producers including Russia, an alliance known as OPEC+, have been cutting output since Jan. 1.

Moscow has in the past indicated reluctance to continue with output cuts beyond June, given its worries about losing market share to U.S. crude if it were to extend those cuts.

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